Can a mortgaged vehicle change license plates in another location?
1 Answers
A mortgaged vehicle cannot change license plates in another location. Mortgaged vehicles cannot be transferred, mortgaged, or used for loans. Changing to an out-of-town license plate is equivalent to transferring the vehicle's ownership, which is not allowed for loan-financed vehicles. The relevant details about mortgaged vehicles are as follows: Definition of a mortgaged vehicle: Mortgaged car purchase refers to a car buyer who first pays a portion of the down payment, with the remaining amount provided by the lender in installments. Required documents include: original ID card, household register, or other valid residency documents, along with their copies; proof of occupation and economic income; car purchase agreement, contract, or letter of intent signed with the dealer; other documents required by the cooperating institution. Application methods for mortgaged vehicles: To increase car sales, the government, in collaboration with financial institutions, has initiated personal loan car purchase services. Currently, there are two main methods for personal car loans in the financial market: property mortgage car loans (using property as collateral). Property mortgage car loans generally allow a maximum loan term of 5 years, with a down payment of at least 30%. Interest rates are primarily determined based on the loan type and the borrower's personal qualifications. Personal credit car loans (unsecured, generally requiring good credit and stable income) usually allow a loan term of up to 5 years, with a down payment of at least 30%.
